Asian shares continue global downward trend

Asian stocks saw sharp falls on Friday as mounting concerns over China’s slowing economy continued to affect global markets.

It follows big falls in US and European markets on Thursday, with the Dow Jones dropping more than 2%.

China’s Shanghai Composite index closed down 4.27% at 3,507.74 points.

Data released on Friday morning showed Chinese factory activity falling to its lowest level in more than six years.

The private Caixin/Markit manufacturing purchasing managers’ index (PMI) dropped to 47.1 from 47.8 in July. A figure below 50 shows contraction in the sector and one above means growth.

As domestic and export demand dwindle, Friday’s data is likely to add to global worries that the Chinese economy is set for a continued slowdown.

In Hong Kong, the Hang Seng index followed the mainland’s trend and was 1.53% lower at 22,409.62 points.

Global market woes

Asia’s largest stock market, Japan’s Nikkei 225 index, dropped sharply, finishing 2.98% down at 19,435.83 points.

Read more » BBC
See more » http://www.bbc.com/news/business-34013405

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